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Sunday, May 31, 2009

Ratnamani Metals & Tubes Ltd:-A safe heaven

Scripscan:Ratnamani Metals & Tubes Ltd

Story:Ratnamani''s business can be categorised mainly into two segments - stainless steel tubes for industrial applications and carbon steel pipes. Stainless steel tubes are used by a number of industries like refineries, fertiliser, pharmaceutical and power plants (both thermal and nuclear), among others. These are very critical applications and hence, require high quality levels. Ratnamani is a market leader in this segment, with a market share of close to 40%. The second line of business constitutes electric resistance welded (ERW) and submerged arc welded (SAW) pipes, which are used for oil & gas transportation. Most of the company''s carbon steel capacities are currently fully utilised. The company''s strategy is to maintain a balance between the two lines of businesses, with each contributing around 50% towards its topline.The company plans to expand its capacity in modular phases. It plans to increase its horizontal SAW (HSAW) capacity by one lakh tonnes to two lakh tonnes by the end of the current financial year. Out of this, 150,000 tonnes of capacity will be commissioned by September this year, while the rest will come up by the end of FY09.CRUDE OIL prices has been a cause of concern in the past five years, and this has increased exploration and production (E&P) activities around the world. These activities have generated huge requirements for carbon steel pipes and stainless steel tubes. Many domestic pipe makers are set to benefit from this trend. Ratnamani Metals & Tubes is one such player which manufactures pipes and an array of stainless steel tubes, used in industrial applications. The company''s strong financials, growth plans and diversification strategy make it a good investment bet at the current price level.

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